Note: The presentations and the GREAT BIG open debate end at 5:00PM but delegates can enjoy networking and drinks courtesy of Morningstar until
7:00PM

About this Symposium

WHAT IS THE FORMAT GOING TO
BE?

This Transparency Symposium is a full day's event, wholly dedicated to the Financial Conduct
Authority's Investment Platforms Market Study.

The event will be about hearing first-hand from the FCA about why this Market Study is being
undertaken, its primary objectives and how it may improve competition in the market for the benefit of the consumer.

We will also hear about what actions the FCA may take as a consequence of their
Study.

Furthermore, attendees will have the opportunity to engage with the FCA through Q&A and
facilitated general discussion and debate.

In addition, delegates will be able to listen to and engage with credible subject-matter
experts whose insights and experience will aid understanding and the development of well-considered views.

Relevant market participants will also be given a platform (excuse the pun) to explain how
they see this important regulatory development.

WHAT IS THE BACKGROUND AND CONTEXT?

In keeping with their mission and statutory purpose, The FCA is able to promote competition by using their diagnostic tools,
including market studies, to make judgements on whether competition is working well as a result of the way markets are structured and/or the relationships between consumers and providers in the
market.

On 12th July The FCA published the Terms of Reference for their Investment Platforms Market Study, setting out the scope and topics
to be covered. This market study is intended to enable the FCA to diagnose whether competition between investment platforms is working well for consumers.

The Investment Platforms Market Study follows on from the FCA’s Asset Management Market final
report published in June, which highlighted a number of potential competition issues in the platforms sector.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA has
commented:

“With the increasing use of platforms, and the issues raised by our previous work, we want to
assess whether competition between platforms is working in the interest of consumers. Platforms have the potential to generate significant benefits for consumers and we want to ensure consumers are
receiving these benefits in practice.”

Given the size of this fast-growing market any such competition issues could be significant.

According to the FCA, Investment Platforms are increasingly used by consumers and financial advisers to access retail investment
products and to manage investments. The platform market has steadily grown over the last 8 years, with Assets Under Administration for both adviser and direct platforms increasing from £108 billion
in 2008 to £592 billion in 2016.

Interestingly, Adviser platforms have grown around 1.5 times faster than direct
platforms.

Many platforms offer investors and their advisers a range of information and tools to help them make investment decisions and some
also offer their own investment products. As part of the study, the FCA will explore whether platforms help investors make good investment decisions and whether their investment solutions offer
investors value for money.

In principle, platforms allow retail investors to pool their money and achieve better investment returns. The FCA are looking into
how platforms compete in practice and whether they use their bargaining power to get investors a good deal.

To provide investors access to retail investment products and information about these products, platforms interact with other
platforms, advisers, asset managers and fund ratings providers. The FCA will be assessing whether these relationships work in the interests of investors.

For the purposes of their study the FCA defines ‘platforms’ broadly. The study will look at both investment platforms and
firms that provide similar services by allowing investors or their advisers to access retail investment products through an online portal.

WHAT WILL THE SYMPOSIUM COVER?

The FCA’s Investment Platform Market Study raises many issues and questions that will be considered by speakers, panelists and
delegates at this hot-topics event.

Here are the type of issues and questions that will be covered:

How do investment platforms compete to win new, and retain existing consumers?

How should the FCA look to improve competition within the investment platforms market and develop better consumer
outcomes?

Why are platforms such an increasingly important part of the retail distribution landscape?

Do platforms help investors make good investment decisions?

Do platforms offer investors value for money?

How do platforms compete in practice?

Do platforms compete to offer services which add value and meet the expectations of retail investors and financial advisers who
may be acting on their behalf?

Do platforms use their bargaining power to get investors a good deal?

Do the relationships between investment platforms and other platforms, advisers, asset managers, and fund ratings providers, work
in the interests of investors?

Are there any conflicts of interest skewing market behavior and causing material detriment to investors?

Are the profit margins of organisations in the platforms space that are flourishing under the current regulatory regime likely to
be squeezed moving forward depending on what the FCA might do?

What impact do platforms have on overall charges investors pay for their retail investment products?

What is causing the platforms market to become increasingly vertically integrated?

Does increasing vertical integration and the commercial relationships created between platforms, asset managers, discretionary
investment managers and financial advisers distort competition by encouraging platforms to compete in the interests of those with which they have commercial relationships, rather than in the
interests of the consumer?

What is driving the extensive use of ‘model portfolios’ through which consumers can access a selection of retail investment
products which meet their risk tolerance and investment objectives?

How are ‘model portfolios’ having on market efficiency and competitiveness?

Are the explanations given about the way platforms’ tools and investment solutions work accurate and adequate? What are the
barriers to entry and expansion?

What is the nature of the commercial relationships being formed amongst aligned market participants?

Is there any reason to think that there might be cartel-like behavior occurring in the platforms market?

What is the correlation between the various business models and platform profitability?

What does market research tell us about customer preferences and behavior?

Do large platforms benefit from economies of scale which smaller firms and new entrants struggle to match?

Do third party technology providers make entry and expansion easier or harder?

Do platforms face a competitive disadvantage when competing for investors because of regulation?

Are platforms and similar firms able and willing to negotiate a competitive price on investment charges?

Do commercial relationships influence investment choices and what are the implications for investors?

How do platforms select which product wrapper to include on the platform?

Do the drivers of profitability affect firm incentives, the factors over which they compete and what are the implications for
investors?

Do adviser platforms compete in the interests of the end investor?

Do advisers have a positive impact on the cost/ quality of the platform and are these benefits passed through to
investors?

Do platforms enable consumers and advisers to assess and choose distribution and investment products which offer value for
money?

Do challenger platforms and similar firms struggle to compete as customers face barriers to switching?

What is the typical distribution of price and quality in the platforms sector?

Platforms, in line with advisory firms and asset managers appear to be increasingly competing by designing and promoting
investment ‘solutions’ such as model portfolios, their own discretionary investment management services and in-house multi-manager funds. Is that actually the case and if so how is the trend
impacting market behavior?

What are the potential risks and benefits to consumers as a result of new, innovative solutions and services simplifying the
investment process through automated processes that assess risk tolerance and allocate assets and underlying investments based on risk profiling?

It would seem that six of the ten largest direct platforms (Hargreaves Lansdown, Barclays Stockbrokers, Fidelity Personal
Investing, Alliance Trust Savings, AJ Bell Youinvest and HSBC Invest Direct) and six of the ten largest adviser/intermediated platforms (Cofunds/Aegon, Fidelity Fundsnetwork, Old Mutual Wealth,
Standard Life, AJ Bell Investcentre and Zurich) are vertically integrated, i.e. have their own upstream asset managers. Overall, is this having a positive and healthy effect on the
market?

Platforms generate revenue by charging a fixed or percentage based fee on the assets they administer on behalf of investors,
through interest forgone on cash accounts, through trading charges and potentially from additional services such as advice, wrapper provision or discretionary management of the portfolio. Some
platforms also have their own or linked asset management businesses. In light of these realities what are the drivers of platform revenues and profitability and how do they affect the factors over
which platforms compete and how they may influence platform behaviours?

When consumers receive financial advice, their financial adviser may also recommend a platform to use or may choose a platform on
behalf of their clients. A principal-agent relationship therefore often exists between the consumer and their adviser. How might such relationships affect the competitive dynamic between
platforms?

What factors do advisers prioritise when choosing, reviewing and deciding whether to switch platform?

To what extent do platforms consider the end investor when competing to win business from advisers?

What might be the legal implications of the potential changes to the regulatory framework covering investment
platforms?

Do advisers pass the benefits of competition between platforms onto investors in the form of lower adviser and platform fees? If
so, how?

For the retail investment market to be functioning effectively, consumers should be able to make informed choices which reflect
their preferences. To what extent are consumers choosing platform services and products on platforms which reflect their preferences?

Are charges that retail investors pay for and through platforms unnecessarily
and unhelpfully complex?

Are there any significant differences between what consumers’ value and the outcomes they want, the choices they make and outcomes
they receive?

Are investors able to easily access the information they need to make informed choices?

Are platforms leading consumers to make certain choices?

Are there barriers preventing firms providing consumers with the information, guidance and advice they need to make informed
investment decisions?

FOR WHOM IS THIS A 'NOT-TO-BE-MISSED EVENT'?

Given the scope and potential seriousness of the Study, the range of people that have very good reason to be at the event
include:

All market participants that would welcome the opportunity to listen to, and put questions to senior representatives of the FCA
involved with managing the Investment Platforms Market Study

Senior executives in all relevant financial services trade bodies and professional associations

Discretionary investment managers

Life company executives

Risk Management Officers

Marketing Directors

Executives at banks who provide retail investors services which are similar to that offered by a platform, but without necessarily
providing access to third party investment products

Media professionals that wish to cover the topic

WHAT MIGHT THE FCA DO AFTER THEIR MARKET STUDY?

The FCA aims to publish an interim report about their Investment Platforms Market Study by summer 2018, setting out their analysis
and preliminary conclusions including, where appropriate, possible remedies to address any concerns identified.

If they find that competition is not working well, the FCA may intervene to promote more effective competition and can do this in a
number of ways, including:

Referring one or more issues to the Competition and Markets Authority for further
investigation

In light of all those possibilities, the Transparency Task Force is especially pleased to organize this Symposium as it creates a
great opportunity to shine a bright light on all the important issues whilst providing a useful forum for all market participants, thought leaders, stakeholders and even the FCA to discuss and debate
the key questions in a constructive and collegiate way.

This is a great chance to share your thoughts with the FCA and all other attendees as there will be ample scope for facilitated
open discussion and debate.

What changes, if any, do you think the FCA should make to the regulatory framework for the
Investments Platform market and associated market participants?

Please note that whilst we expect that some of the different perspectives will make for an
interesting, challenging and perhaps even somewhat ‘edgy’ meeting, Transparency Task Force events have rightly earned a reputation for being an environment where consensus-based views are formed,
guided by what we call the ‘North Star question’, i.e.

“Taking everything into account, what’s best for the
consumer?”

It’s a wonderfully powerful question that often provides swift direction and consensus; and
helps to nip potentially harmful division ‘in the bud’. It’s a sensible question because it is difficult to defend a position that is not aligned with what is best for the
consumer.

We find ourselves having to ask that question less and less, because everybody in our
community understands that all our work is aligned to what’s best for the consumer, recognising the way that greater transparency can drive positive transformational change into the market.

That's what the TTF is all about.

So if you and your organisation have a client-centric outlook i.e. you are ethically and
professionally-minded we think you will welcome the opportunity to contribute to what is likely to be a particularly valuable Symposium.

Conversely, people with an agenda that is different to promoting what is best for the consumer tend not to be involved with
Transparency Task Force events

Jackie Beard is the Director of Manager Research Services for Europe, the Middle East and Africa at Morningstar. She leads Morningstar’s engagement with the due diligence teams of institutional
investors who engage with Morningstar for external support in the evaluation of active and passive funds, investment strategies and asset management firms.

Jackie joined Morningstar in September 2008 as Director of Fund Research for Morningstar UK, leading the roll out of Morningstar’s qualitative fund research and ratings for funds available for
sale to UK investors.

From mid-2010, Jackie focused on the UK investment trust market, and in 2012 led the launch of Morningstar’s qualitative research and ratings on closed-end funds for the UK. She is a leading
industry voice on investment trusts and has pioneered greater transparency from closed-end funds on their holdings, authoring the paper “Investment Trusts: Why Transparency Matters”. She is a regular
presenter to fund boards, investors and advisors.

Before joining Morningstar, Jackie spent seven years at Forsyth Partners where her role included fund research, the management of the group’s broker client funds, and the development of
proprietary research and information tools.

Jackie started out in the financial services industry in 1991, initially at private bank Hill Samuel before moving to stockbrokers Albert E Sharp and Quilter, where she switched from private
client management into fund research.

Jackie is a fellow of the Chartered Institute of Securities and Investment and an MSI Diploma holder.

Jackie is also an Ambassador of the Transparency Task Force

10:00

Andy Agathangelou,

Founding Chair,

Transparency Task Force

Andy will be Chairing the Symposium. His overall objective is to galvanise support for the
idea that greater transparency can drive positive, transformational change for the benefit of all.

Andy formed the Transparency Task Force following a meeting he led at Senate House, University of London on 6th May 2015. The
meeting was the about the trust deficit that is impacting financial services and how harnessing the transformational power of transparency can drive the change that is needed.

That meeting set off a chain of events that led directly to the creation of our collaborative, campaigning community which is built
on the idea that 'Sunlight is the Best Disinfectant'.

Since 6th May 2015 he has recruited, organised and mobilised over 250 volunteers around the world into 12
Teams:

Our 12 Teams are the 'engine room' of the Transparency Task Force's work. Each Team is focused on a particular set of
opacity-related challenges whereby subject-matter experts work together on a completely voluntary basis to develop and implement strategies to overcome those challenges.

Andy is also:

Founding Chair, the Technology Task Force

Chair, the Interoperability Steering Group

Governor, Pensions Policy Institute

Fellow, the RSA

Chair, Pensions BIB,

Member, Investment Association Advisory Board on Cost Disclosure

Former Founding Chair, Friends of Auto Enrolment

Former Founding Chair, Friends of the Association of Member Nominated Trustees

10:30

Robin Finer,

Head of Wholesale and Investments Competition, The Financial Conduct Authority

"About The FCA’s Investment Platforms Market Study"

Robin Finer is the Head of Wholesale & Investments Competition, having joined the FCA in January 2014.

Prior to working at the FCA, Robin was a Director of Economic Analysis at the Competition Commission, where he worked on mergers, market investigations and regulatory inquiries across a wide range
of sectors. He has also worked as a Project Director and economist at the Office of Fair Trading and in the Directorate General for Competition of the European Commission.

Robin is currently leading on the FCA’s Asset Management and Investment Platforms Market Studies.

11:30 Refreshments and networking

12:00

Mike Barrett

Consulting Director,

lang cat

Mike is consulting director, and sole-proprietor of the lang cat Isle of Wight office. A driver and survivor of platform mergers, migrations and RDR he held a number of senior roles at Skandia and
Old Mutual Wealth, most recently Head of Platform Marketing.

His favourite platform is platform 4 at Southampton.

@langcatmike

12:30

Dan Brocklebank

Head of UK,

Orbis Investments

Dan Brocklebank is a Director and Head of UK at Orbis Investments. Having studied PPE at Brasenose College, Oxford he qualified as a Chartered Accountant with Arthur Andersen. Bitten by the
investing bug in the wake of the collapse of the dot com bubble, he joined Orbis Investments in 2002 as part of the investment team.

Orbis currently manages approximately $30bn in a small number of primarily equity strategies globally. For the last 9 years Dan was responsible for Orbis’ team of global industry analysts
based in London. At the same time, he has worked with Orbis’ institutional and retail customers to help them understand Orbis’ long-term, fundamental and contrarian investment approach.

Dan has a particular interest in Orbis’ goal of making long-term investing simple and accessible to all and he is a Director of Orbis Access, Orbis’ UK retail platform.

He tweets under @OrbisDanB

13:00

About

The Transparency Trophyis a top-quality transparent star, awarded to a winner at each of our Transparency Symposia.

Winners get to keep their Transparency Trophy.

The star-shape is significant.

People can navigate across seas using the stars so the star
shape has been chosen to symbolise the idea that the winners are helping to navigate the industry towards a more transparent, competitive and enlightened state.

- November 2016:Daniel
Godfrey,former Chief Executive of the Investment Association and now Co-Founder of The People’s
Trust

- December 2016:Ralph
Frank,Co-Head of Defined Contribution, Cardano

- February 2017:Con
Keating,Head of Research, Brighton Rock Group

- May 2017:David
Pitt-Watson,Executive Fellow, London Business School

- July 2017:Mike
Barrett,Consulting Director, the Lang Cat

- September 13th 2017:Steve
Conley,Founder, The Values-Based Adviser

- September 28th 2017;George
Kinder,Founder, The Kinder Institute

- November 15th 2017;Angie
Brooks,Founder, Pension Life

- November 23rd 2017;Dr. Chris
Sier,Indep Chair, FCA's IDWG

Who'll win the Transparency Trophy on 30th November?

13:15 Lunch and networking

14:00

Bill Vasilieff,

Chief Executive,

Novia

Bill Vasilieff is the Chief Executive Officer and one of the founders of Novia and Novia Global.

Prior to setting up Novia he was one of the four founding directors of Selestia where, having joined in 2001, he spent six years in the role of Marketing Director. Selestia was one of the
earliest and most successful fund platforms in the UK.

Before this role he was at fund manager M&G where he spent eight years, ending in the role as executive director in charge of product development. Bill believes that, "The investment market
for customers and advisers is changing, and Novia is a key proponent in the drive towards transparency and a good deal for the customer.

Together with our commitment to first class customer service and our independence of any product provider, Novia stands out as a full wrap provider with a difference".

A keen Bath rugby supporter, Bill lives in the city with his wife and two children.

14:30

Ben Pollard,

Founder,

Smarterley

Ben is a qualified actuary with over 18 years’ experience in financial services. Before founding Smarterly he worked as a consultant for Tillinghast (now Willis Towers Watson), advising
large financial services companies on risk and capital management and helping them to optimise their investment strategies.

Ben founded Smarterly after trying to buy an ISA for himself and finding the process too complicated and confusing. He figured that if he found it difficult, other people must do
too, so he set about creating a simple platform to make investing easier for the average consumer and also make sophisticated investment monitoring more readily available to savvy investors.

@WeAreSmarterly

15:00 Refreshments and networking

15:30

Miranda Seath,

Head of Intermediary Research,

Platforum

Miranda is Head of Intermediary Research at Platforum where she focuses on adviser platforms, UK fund distribution and workplace savings.

She has a particular interest in the evolution of financial advice and the impact of policy, regulation and market developments on the distribution of retail funds and investments in the UK.

Before joining Platforum, she was Head of Marketing Communications at Marketforce Business Media.

Miranda read Ancient and Modern History at St Hilda’s College, Oxford and has an MA from the School of Oriental and African Studies in International Studies and Diplomacy focussing on
international relations and international law.

16:00

The GREAT BIG open debate!

This is perhaps the most important part of the whole event!

It's where all attendees plus our panellists will have ample opportunity to reflect on the issues covered and to discuss and debate the key questions.

Ultimately, we shall seek to build consensus on the best way to galvanise support for the idea that greater transparency in financial services is needed, particularly in the Investment Platforms
market; and how to go about driving progress in a constructive, collegiate, collaborative and civilised way.

Who are your panellists?

Dr. Anna Tilba,

Director of Corporate Engagement at Newcastle University Business School

Dr. Anna Tilba is a researcher and a Lecturer in Strategy and Corporate Governance and a Director of Corporate Engagement at the Newcastle University Business School. She joined NUBS in
2012 from the University of Liverpool Management School where she obtained her PhD in corporate governance and where she was teaching Strategy both at undergraduate and postgraduate level.

Her research interests include pension fund investment, financial intermediation and networks, accountability, corporate governance and investor engagement. Anna has an emerging
record of publications in top tier academic journals. She also reviews papers for such scholarly journals as Corporate Governance: An International Review, Organization Studies, European
Management Review, Business History and her papers appear at various international conferences.

Anna has been a member of the Advisory Committee on Fiduciary Duties of Investment Intermediaries for the Law Commission. The Consultation Paper on Fiduciary Duties is commissioned by the
Department for Business, Innovation and Skills (BIS) and the Department for Work and Pensions (DWP) and arises from the Kay Review of UK Equity Markets and Long-Term Decision-Making.

More recently, Anna has carried out research for the UK Financial Conduct Authority on the Effectiveness of the Oversight Committees as past of the FCA's Asset Management Market
Study.

Furthermore, Anna is a member of the Transparency Task Force’s Costs & Charges Team and the International Best Practice Team; and she frquently
participates at TTF events.

David Morrey,

Head of Investment Management,

Grant Thornton Financial Services Group

David Morrey is a partner and Head of Investment Management in Grant Thornton’s Financial Services Group (FSG). David sits in the regulatory risk management practice where he helps clients dealing
with the challenges of current regulation or emerging requirements.

He is one of the most active individuals in the UK carrying out 'Skilled Person Reviews' instigated by the regulator, alongside which he also frequently advises firms on how to respond to a
regulatory investigation.

David has specialist expertise in a wide range of conduct matters, both wholesale market issues within the securities and investment management sectors, and retail issues within the wealth
management, advisory and lending sectors. He has also been active over many years in client asset and client money issues while projects he has run on effective risk management frameworks and on
improving product governance have given him exposure to a broad sweep of the financial services industry.

David spent 10 (of his 25-plus) years working in the industry in senior risk and regulatory management roles in some major organisations, and feels he has a good sense of what regulated firms can
accomplish in practice, as well as a strong sense of what the regulator needs to see.

When not working David is kept busy supporting the ever-expanding hobbies and social lives of his three daughters. Any time which remains is spent as an avid fan of American football – there is
always a football close to hand at his office desk.

Con Keating,

Head of Research,

Brighton Rock Group

Con has been a member of the steering committee of the financial econometrics research centre at the University of Warwick. He has held senior positions at several
international institutions including the European Federation of Financial Analysts Societies, Societe Universitaire Europeene de Recherche en Finance and the OECD’s private pensions
committee.

Con has published widely on the regulation of financial institutions and pension systems and has developed new statistical tools for financial data analysis. Con
is involved with many of the Transparency Task Force’s Teams and is a winner of the Transparency Trophy. He is also an Ambassador of the Transparency Task Force.

Malcolm Small,

Special Adviser, Retirement,

Copia Capital Management

With a background in Law, Heavy Engineering, and public Administration, Malcolm has specialised in all aspects of management in Financial Services at senior level for the last 35 years.

He spent 14 years with Norwich Union, latterly at operating Board level in Life and Pensions, and 5 years at Merchant Investors, a specialist high net worth investment and pension provider in
Bristol.

More recently, as Managing Director of Lyncombe Consultancy, Malcolm has specialised in the regulatory, policy and operational aspects of pensions, and a wide range of other retail financial
services. With a particular interest in, and experience of, Distribution in the UK, he has been involved in a number of initiatives building new businesses in this field.

A past policy adviser on retirement at the Institute of Directors and also Chair of the Investment and Life Assurance Group, a practitioner
trade body, he also has a strong presence in public affairs and public policy work. He is a speaker, and author, on industry topics focussing on pensions, ageing and retirement. He was until February
2014 Policy Director at TISA, leading the work of the organisation in Pensions, Distribution, Platforms and savings policy more widely. He is also a Non-Executive Director of B&CE Insurance,
provider of The People’s Pension.

Malcolm is currently a Special Adviser, Retirement, at Copia Capital Management. He joined Copia back in August from Retirement Income Alliance which he set up in 2015 to help the public
navigate pensions freedom. Copia Capital Management is the investment management division of Novia Financial plc. Malcolm works alongside Henry Cobbe,
Hoshang Daroga and the Copia team to support the development and outreach of the Copia Retirement Income propositions which were launched earlier this year. He also helps to raise awareness of the
key issues facing Advisers and Clients considering decumulation in the context of pensions freedom.

Pete Glancy,

Head of Policy Development,

Lloyds Banking Group

Pete has been with Lloyds Banking Group for nearly 28 years, starting out in Scottish Widows which is now also the Insurance Division of Lloyds Banking Group.

Pete has held many and varied senior positions including head of Individual Pensions and Head of Workplace Pensions before taking on the policy brief for long terms savings 3 years ago.

Priorities for Pete in recent years have included Pensions Tax Reform, Auto Enrolment and initiatives which make the market work more effectively for its customers.

Neil Esslemont, Head of Industry Liaison,

The Pensions Regulator

Neil and his team are responsible for engaging with suppliers of products, services and advice, as well as employers, regarding their understanding and readiness for workplace pensions reform.

Our aim is to help them fully understand their own or their client’s duties, including the duty to automatically enrol eligible workers into a pension scheme; and the duties of trustees in both
the public and private sector.

Neil has over 30 years’ experience in dealing with large companies in both private and public sector. Neil has previously worked as a client director for BT and Siemens, and as a management
consultant for PriceWaterhouseCoopers.

Neil has a technology background in computer software engineering, gained after graduating from Exeter University with a Maths & Physics BSc.

17:00 End to the 'formal' proceedings, followed by....

Networking and drinks

Immediately after the Symposium delegates can enjoy further networking; courtesy of Morningstar.

18:00 Final close.

Be sure to secure your place today

There is limited availability and all places must be booked in advance -
please use the
link below.

If the Standard Ticket Price £245 is genuinely beyond your budget, please be quick to Email me a note to that effect as subject to availability we have some
reduced price tickets available.

If there are any left we will organise a suitable price reduction for you as a gesture of goodwill, but please be quick as places are
limited.